The Baltic Exchange's main sea freight index fell to a more than two-week low on Monday, dragged by a decline in Capesize vessel rates.
The main index was down 15 points, or 0.9 per cent, at 1,674, its lowest level since June 6. The Capesize index lost 61 points, or about 2.1 per cent, to 2,818, its lowest level since June 4. Average daily earnings for Capesize vessels decreased by $512 to $23,367.
Dalian iron ore futures touched their highest levels in more than a week on Monday, supported by improving short-term demand prospects for the steelmaking ingredient in top consumer China.
The Panamax index rose 12 points, or 0.9 per cent, to 1,362. Average daily earnings for Panamax vessels increased $103 to $12,254.
Among smaller vessels, the supramax index gained six points to 979.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Leroy Leo)